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Report: Ford plans to layoff 10 percent of workforce

Posted: May 15 2017 10:29PM CDT

Video Posted: May 16 2017 08:51AM CDT

Updated: May 16 2017 12:44PM CDT

(WJBK) - The Wall Street Journal is reporting Monday night that Ford Motor Company plans to lay off about 10 percent of its global workforce. The cuts could mean that as many as 20,000 people could lose their jobs.

The journal says the job could be outlined as early as this week, and will largely target salaried employees.

Ford, which has about 200,000 employees, did not confirm the report as of Monday night.

In a statement, the company said it's focused on reducing costs and improving efficiency. But Ford said it hasn't announced any job cuts and won't comment on speculation.

Investors are concerned that U.S. sales are peaking and Ford's market share is slipping.

Ford's shares have lost more than a third of their value since Mark Fields became CEO in 2014. Electric car maker Tesla Inc. recently surpassed Ford in market value even though it sells far fewer vehicles.